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ACOR attends Summer NAPE as an Exhibitor!
NAPE® was founded in 1993 to provide a central arena for oil and
gas companies to introduce oil and gas prospects via exhibit
booths to energy professionals at all levels of responsibilities
including geologists, geophysicists, engineers, landmen, chief
financial officers, chief executive officers, and other
managers.
Since that time, NAPE has successfully brought state-of-the-art
prospects, advanced technology and energy capital formation all
together in one location, creating a pure marketplace to
establish strategic alliances for doing business and initiating
purchasing and trades.
This high-energy event will provide endless networking
opportunities and invaluable company exposure.
ACOR management feels that by attending NAPE as an exhibitor, we have laid the ground
work to get our prospects explored.
ACOR was overwhelmed with the interest in our Offshore & Onshore
Australia prospects, over 16,000 upper management and key
decision-makers for oil companies from around the world attended
NAPE.

Roger Autrey at ACOR's Booth.
Notice the Major Oil Companies in the
Background, we had several complements on how
professional our booth looked.

Kenny Miller & Roy Whiting visit with a client

over 16,000 in attendance at NAPE
Summer NAPE

Roy Whiting
(Left) & Roger Autrey (Right)

Kenny Miller visits with a client
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SEC Filings
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10‑Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly
Period Ended June 30, 2011
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition
period from to .
Commission File No. 0‑29832
AUSTRALIAN-CANADIAN OIL ROYALTIES LTD.
(Exact Name of
Registrant as Specified in its Charter)
British
Columbia, Canada
75‑2712845
(State or Other
Jurisdiction of
(I.R.S. Employer
Incorporation or
Organization)
Identification #)
1301 Avenue M, Cisco, TX
76437
(Address of Principal Executive
Offices)
(Zip Code)
(254) 442‑2638
Registrant's Telephone
Number Including Area Code
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes__X__ No _____
Indicate by check mark
whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a small
reporting company.
( ) Large accelerated
filer ( ) Accelerated filer ( ) Non-accelerated filer
( X ) Smaller reporting company
Indicate by check mark
whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act) Yes ____ No X
Indicate the number of
shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date.
There were 20,905,269 shares of
common stock, No Par Value,
outstanding as of July 28, 2011
PART I – Financial Information
Item 1. Financial Statements
Australian-Canadian Oil Royalties Ltd.
Balance Sheets
June 30, December 31,
2011 2010
(unaudited) (audited)
Assets
CURRENT ASSETS
Cash
$ 24,908 $ 2,345
Accounts
receivable
26,187 28,992
Total Current
Assets
51,095 31,337
PROPERTY AND EQUIPMENT
Oil and gas properties-being amortized
582,792 582,792
Oil and gas properties-not being
amortized
565,077 565,077
Office equipment and
software
24,783 24,783
Accumulated depreciation and
depletion
(239,325) (216,771)
Net Property and
Equipment
933,327 955,881
OTHER ASSETS
1,084
1,084
TOTAL
ASSETS
$ 985,506 $ 988,302
Liabilities and Stockholders' Equity
CURRENT LIABILITIES
Accounts payable –
trade
$ 896 $ 11,243
Account payable – related party
48,542 39,216
Accrued
expenses
170,730 115,486
Loans from
stockholders
26,266 26,266
Loans from
officers
25,000 25,000
Total Current
Liabilities
271,434 217,211
STOCKHOLDERS' EQUITY
Preferred stock no par value (50,000,000 shares authorized
none
outstanding)
- -
Common stock, no par (50,000,000 shares authorized
20,905,269 and 20,048,284 shares in 2011 and 2010
issued and
outstanding)
3,846,099 3,745,099
Additional paid in
capital
175,152 173,552
Accumulated
deficit
(3,307,179) (3,147,560)
Total Stockholders'
Equity
714,072 771,091
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 985,506
$ 988,302
See accompanying notes to financial statements.
-1-
Australian-Canadian Oil Royalties Ltd.
STATEMENTS OF OPERATIONS
For the Three Months and Six Months Ended June 30, 2011 and
2010
(Unaudited)
Three Months Six Months
2011 2010
2011 2010
OIL AND GAS REVENUES
$ 14,171 $ (2,906) $
47,271 $ 13,784
COST OF SALES
Production
taxes 33
- 71
19
Transportation costs
3,110 1,263
8,138 1,263
Depletion
11,184 3,695
22,368 7,391
GROSS PROFIT/LOSS
(156) (7,864)
16,694 5,111
OPERATING EXPENSES
Personnel costs
33,941 5,313 65,992
16,969
Professional fees
28,081 6,412 37,995
37,597
Promotion and advertising
5,287 1,647 11,012
6,245
Office expenses
1,421 558 2,709
2,052
Depreciation
93 (345)
185 185
Directors' fees and other
48,094 431
48,171 951
Total Operating Expenses 116,917
14,016 166,064
63,999
OPERATING LOSS
(117,073) (21,880) (149,370)
(58,888)
OTHER INCOME/(EXPENSE)
Interest expense
(1,176) (289)
(2,339) (754)
NET
LOSS BEFORE INCOME TAXES (118,249)
(22,169) (151,709) (59,642)
Australian income taxes
(399) 1,717
(7,910) (2,975)
NET LOSS
$ (118,648) $ (20,452) $
(159,619) $ (62,617)
BASIC (LOSS) PER COMMON
SHARE $ (0.01) $ (0.00)
$ (0.01) $ (0.00)
Weighted Average Number of Common
Shares Outstanding:
Basic
20,380,388 19,587,745 20,238,058
19,556,255
See accompanying notes to financial statements.
-2-
Australian-Canadian Oil Royalties Ltd.
STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2011 and 2010
(Unaudited)
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net
loss
$ (159,619) $ (62,617)
Adjustments to reconcile net (loss) to net cash
provided by operations:
Depreciation, depletion and
amortization
22,553 7,576
Value of expenses contributed by
officers 1,600
1,600
Stock issued for services
25,000 -
Stock issued for officers and directors
26,000
-
Changes in:
Receivables
2,805 4,240
Accounts payable and accrued
expenses
54,224 22,738
NET CASH (USED) BY OPERATING ACTIVITIES
(27,437)
(26,463)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common
stock
50,000 25,000
NET CASH FLOWS PROVIDED FROM FINANCING ACTIVITIES
50,000 25,000
NET INCREASE (DECREASE) IN CASH
22,563 (1,463)
Cash, Beginning of
Period
2,345 6,262
Cash, End of
Period
$ 24,908 $ 4,799
SUPPLEMENTAL DISCLOSURES:
Cash payments for:
Interest
$ -
$ -
Australian income
taxes
$ 7,910 $ 2,975
See accompanying notes to financial statements.
-3-
Australian-Canadian Oil Royalties Ltd.
SELECTED INFORMATION FOR FINANCIAL STATEMENTS
June 30, 2011
(Unaudited)
NOTE 1: BASIS OF
PRESENTATION
The accompanying unaudited
financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial
information and with the instructions of Regulation S-B. They
do not include all information and footnotes required by
generally accepted accounting principles for complete
financial statements. However, except as disclosed herein,
there has been no material change in the information included
in the Company's Report on Form 10-K for the year ended
December 31, 2010. In the opinion of Management, all
adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been
included. Operating results for the six-month period ended
June 30, 2011, are not necessarily indicative of the results
that may be expected for the year ending December 31, 2011.
NOTE 2: GOING CONCERN
CONSIDERATIONS
The Company neither has
sufficient cash on hand nor is it generating sufficient
revenues to cover its operating overhead. These facts raise
doubt as to the Company's ability to continue as a going
concern. The Company has been operating over the past year
based on loans/stock purchases from its officers/directors.
There is no guarantee that such officers/directors will
continue to provide operating funds for the Company. In order
to pursue its goals and commitments under the Australian
concession prospects that it has obtained, the Company will be
required to obtain significant funding or to exchange all or
portions of its interests in those concessions to meet the
minimum expenditure requirements underlying the concessions.
Management's plans include attempting to find a drilling
company to farm out the working interests under the
concessions, raising funds from the public through a stock
offering, and attempting to acquire additional producing
interests in exchange for stock. Management intends to make
every effort to identify and develop sources of funds. There
is no assurance that Management's plans will be successful.
-4-
Item 2.
Management's Discussion and Analysis and Plan of Operations
Any statements
that are contained in this Form 10-Q that are not statements
of historical fact are forward-looking statements. Readers can
identify these statements by words such as 'may,' 'will,'
'expect,' 'anticipate,' 'estimate,' 'continue' or other
similar words. These statements discuss future expectations,
contain projections of results of operations or financial
condition or state other forward-looking information and are
based on certain assumptions and analyses made by the Company
in light of its experience and its perception of historical
trends, current conditions, expected future developments and
other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, including such factors
as uncertainties in cash flow, expected costs of litigation,
the outcome of litigation, the potential impact of government
regulations and rulings, fluctuations in the economic
environment and other such matters, many of which are beyond
the control of the Company. Readers are cautioned that
forward-looking statements are not guarantees of future
performance and that actual results or developments may differ
materially from those expressed or implied in the
forward-looking statements.
The following
discussion and analysis should be read in conjunction with the
Company's financial statements and notes thereto as of
December 31, 2010 and June 30, 2011 for the respective periods
then ended.
General Discussion:
The Company’s strategy is two fold: 1) to seek overriding
royalty interests in oil and gas concessions within
sedimentary basins in Australia, and 2) to seek working
interests in oil and gas concessions within sedimentary basins
of Australia to promote oil and gas exploration through
seismic programs and drilling operations.
The Company’s ability to explore other oil and gas
opportunities is dependent on adequate capital resources being
available and equity being obtained, and/or finding partners
to fund the exploration and drilling programs on the areas in
which the Company holds working interests.
The Company holds overriding royalty interests in the Cooper/Eromanga
Basins that cover parts of Queensland and South Australia. The
Company’s overriding royalties total 488,040 net royalty acres
under 13,679,838 gross surface acres in thirteen concessions
located in the Cooper/Eromanga Basins. In addition, the
Company also owns 3,113 net royalty acres under 672,040 gross
acres in four concessions located in the Bass Strait of the
Gippsland Basin, located offshore of the State of Victoria,
Australia. The Company also has working interests under
7,914,460 gross surface acres covering four concessions
located in Queensland and South Australia.
ACOR began its movement from being primarily an oil royalty
company to an exploration company in 2000 when ACOR et al was
awarded three large concessions in South Australia. The risk
of exploration was downgraded by the success rate by new
junior oil companies in the Cooper/Eromanga Basin averaging
52%. ACOR entered into a farm-out arrangement with Holloman
Energy Corp. to drill three wells retaining a 13.8325% carried
working interest. During 2008, Holloman drilled the Pecos #1
well on PEL 112, being the first of the three well program.
The Pecos #1 was completed as a dry hole. During 2008 Holloman
obtained approval from the South Australian Government for new
exploration terms giving a new five-year work program for PEL
112 and consolidating PEL 108 & 109 to a new exploration
permit PEL 444. The Company’s terms and conditions mentioned
above remain in force on these two permits. Holloman has
entered into a joint venture letter of intent with Brandenburg
Energy Corp. to conduct a 125 square kilometer 3D seismic
program over both PEL 112 and 444 plus drill a total of six
wells. ACOR agreed to reduce its carried working interest
from 13.8325% to 8.65% in this new exploration program to be
conducted by Brandenburg Energy Corp. on PEL 112 and 444.
ACOR is the concession holder of ATP-582, located in
Queensland Australia, in the prolific Cooper/Eromanga Basin.
The permit area covers approximately 6,716,000 gross acres.
ATP 582 lies within the Georgina Basin, which covers most of
the central-eastern part of the Northern Territory and is
considered one of the most prospective undeveloped onshore
petroleum provinces in Northern Territory and Queensland.
Although the Georgina Basin has not had a discovery today, the
Cambrian Thorntonia-Arthur Creek succession of the Georgina
Basin possess all of the required elements necessary for
petroleum generation, migration and entrapment. Of particular
interest in the Georgina Basin and on ATP 582 is the presence
of the Arthur Shale, which has similar characteristics to the
Brakken Shale of Western Canada and North Dakota that has
produced more than 10 TCF of gas and 1 Billion barrels of oil.
The improvement in multi high-pressure fracing technology over
the past 10 years has made low permeable shale very economic
to produce both oil and gas and has been widely used in North
America to unlock unconventional reservoirs in shale bearing
hydrocarbons. This technology has not been utilized in the
Georgina Basin; however, on the adjoining concession to the
east in the Northern Territory two horizontal wells are
planned for drilling into the Arthur Creek Shale utilizing the
current high pressure multiple stage fracing on this
formation. ATP 582 is well positioned, with the northern most
1,000,000 acres of its 6,716,000 acres known to have the
presence of the Arthur Creek Shale in place.
The adjoining concession to the west of ATP 582 operated by
Baraka Petroleum Limited plans a four well program and if
successful plans to expand to a 20 well exploration drilling
program. The Company has entered into a Joint Venture
arrangement where the partner will operate the concession, pay
to obtain Native Title clearance, shoot a new seismic grid
survey over the leads identified by ACOR management from old
seismic data to confirm good drillable targets, with plans to
drill a well to earn a 50% working interest under ATP 582 (ACOR
will be carried for 50% WI). During the quarter, native title
was obtained on ATP582 allowing exploration to begin subject
to environmental approvals and clearances.
A 12” pipeline was constructed to the Longtom Field with the
first delivery of gas beginning on October 21, 2009. Revenues
from gas sales for the Company began in 2010. During 2010, the
Longtom Field was shut in due to mercury levels exceeding gas
plant standards. A processing plant was installed to remove
the excess mercury and production from the Longtom Field
resumed during the fourth quarter of 2010 (November 2010).
Revenues from gas sales for the Company’s 5% of 1% override
are expected to be received during the second half of 2011. It
was reported that gas sales for the months of May and June
2011 were at record levels with over 3,300,000 MCF produced
each month. Offshore works to enhance the reliability of the
offshore production system is planned for the second half of
2011, depending on vessel availability. Planning for the
drilling of the Longtom South Prospect, located approximately
3.5 kilometers south of the field infrastructure, is also
planned during the second half of 2011, subject to rig
availability.
ATP 560 covers 625,600 acres under which the Company holds a 25% of 1% override. The Utopia Oil Field is situated in ATP 560P
in the Eromanga Basin in southwest Queensland, approximately 150 km north east of the Jackson Oilfield and 50 km south of the
Kenmore Oilfield. The Utopia Field is a broad low-relief structure, with a maximum relief of approximately 10 m. The field produces
from the Early Cretaceous Murta Formation and is the largest known Murta pool in the Queensland Eromanga Basin. The oil pool
is at an approximate depth of 1020 m. The most recent technical review of Utopia, undertaken in June 2004, determined the field
could contain up to 2.86 million barrels of recoverable oil.
During the current quarter Utopia-11H, a horizontal development well, was drilled and completed as a Murta oil producer after a
176.5-meter horizontal drain hole was successfully drilled. The operator reports excellent oil shows in very good quality reservoir
sand continued to be encountered while drilling the horizontal leg. The Utopia-11H well is expected to be placed into production
during the third quarter.
Liquidity and Capital Resources
The Company has
historically addressed its long-term liquidity needs for the
oil and gas exploration and development for its Australian
working interests through the use of farm-out agreements. The
Company sells a portion of its ownership interest in the
concession to an outside party who is then responsible for the
exploration activities i.e. seismic, drilling etc. This is the
strategy that management is following in order to meet the
expenditure requirements on the Australian concessions.
In addition, the
Company may also satisfy its future capital requirements by
selling its common stock. Should the Company become unable to
reach satisfactory farm-out arrangements or obtain financing
from the sale of its securities or some other source, the
Company may not be able to achieve some of its future goals.
The principal
assets of ACOR are oil and gas properties (both those being
amortized and those not being amortized) reported at
$1,147,869 on June 30, 2011 with no changes since December 30,
2010. The nominal decrease in assets from December 31, 2010
to June 30, 2011 is related to the increase in accumulated
depreciation of property and equipment.
The Total Current
Assets increased from December 31, 2010 to June 30, 2011 from
$31,337 to $51,095. The Company's Total Current Assets as of
June 30, 2010, was $9,709 with Total Current Liabilities of
146,755, giving a liquidity ratio of .066 to 1. The Company's
Total Current Assets as of June 30, 2011, was $51,095 with
Total Current Liabilities of 271,434, giving a liquidity ratio
of .188 to 1. The Company's cash position was $24,908 on June
30, 2011 compared to $2,345 and $4,799 on December 31, 2010
and June 30, 2010 respectively. The fluctuations in current
assets from June 30, 2010 compared to December 31, 2010 and
June 30, 2011 is directly related to the amount of cash on
hand.
The Company
continues to operate without any long-term debt.
Stockholders'
Equity decreased when comparing June 30, 2011 to December 31,
2010 being $714,072 and $771,091 respectively, due to an
increase in current liabilities.
Management
believes that its current cash balance is sufficient to fund
immediate administrative needs. However, long-term plans are
expected to require significant additional capital and there
is not any assurance that the Company will be able to obtain
such funds or obtain the required capital on terms favorable
to the Company.
During the quarter
ended June 30, 2011 the Company issued to an accredited
investor 555,556 restricted common shares for $50,000. Also,
issued during the quarter were 50,000 shares valued at $11,000
for consulting services, 80,000 shares issued to two directors
valued at $16,000, and 71,429 restricted shares issued to the
Company’s Chief Financial officer valued at $10,000. The
number of shares issued and outstanding as of June 30, 2011
was 20,905,269.
Results of
Operations
Revenues of
$14,171 were reported for the quarter ended June 30, 2011. Oil
and gas revenues accrued from prior periods caused the quarter
ended June 30, 2010 to report a negative $2,906 due to an
adjustment made during this quarter. Oil and gas revenues
reported for the six months ended June 30, 2011 was $47,271
compared to $13,784 for the six months ended June 30, 2010
reflecting the gas sales from the Longtom Field on VicP54
located in the Bass Strait of the Gippsland Basin of
Australia. The Australian revenues were generated from
concessions ATP 267, ATP 299, ATP 560, PEL 115 and VicP54
under which the Company hold overriding royalty interests.
Total Operating
Expenses were $116,917 for the three months ended June 30,
2011 compared to $14,016 for the quarter ended June 30, 2010.
The principal reason for the increase is caused by personnel
costs up from $5,313 to $33,941, professional fees were up
from $6,412 to $28,081 and Directors’ fees were up from $431
to $48,094. Personnel costs included fees paid to the
Company’s Chief Financial Officer in the form of 71,429 shares
of stock valued at $10,000. Professional fees were up due to
accounting and auditing fees incurred for the preparation of
the audit and first quarter financial statements. Directors
each received 40,000 shares for their services valued at
$8,000 each, of which only two directors elected to receive
their shares during the quarter. The shares for the other four
directors remain outstanding.
Total Operating
Expenses were $166,064 for the six months ended June 30, 2011
compared to $63,999 for the six months ended June 30, 2010.
The principal reason for the increase is due to personnel
costs and directors’ fees.
The Company's
three-month operating loss was $117,073 for the quarter ended
June 30, 2011 compared to an operating loss of $21,880 for the
same period in 2010. As stated above, the increase in
personnel costs, professional fees and directors’ fees caused
operating losses to increase.
The Company’s
interest expense for the three-months ended June 30, 2011 was
$1,176 compared to $289 for the same period ended in 2010. The
Company’s interest expense for the six-months ended June 30,
2011 was $2,339 compared to $754 for the six-months ended June
30, 2010.
The net loss for
the three months ended June 30, 2011 was $118,648 compared to
a net loss of $20,452 for the quarter ended June 30, 2010. The
increase in net loss is primarily attributable to the increase
in personnel costs, professional fees and directors’ fees. The
net loss for the six months ended June 30, 2011 was $159,619
compared to a net loss of $62,617 for the six-months June 30,
2010.
Subsequent Events
There were no
significant subsequent events to report since June 30, 2011.
Plan of Operation
and Funding
The Company plans
to seek additional oil and gas concessions in Australia on a
ground level basis and will seek partners to join in this
process. The Company has been successful in the past (2006
and 2007) to enter into farm-out arrangements on concessions
awarded to the Company and its partners. These farm-out
arrangements have allowed the Company to retain a carried
interest and in some cases receive cash consideration in
addition to deferring the exploration commitments on
concessions to the buyers.
Material
Commitments
The Company as of
June 30, 2011 does not have any material work or exploration
commitments on its oil and gas interests in Australia as the
Company has been successful in entering into farm-out
arrangements to transfer those exploration costs to others in
lieu of cash, carried working interests and/or an override.
Purchase of
Significant Equipment
The Company does
not intend to purchase any significant equipment during the
year.
Related Party
Transactions
During the second quarter
of 2011, the Company paid $6,441 for personnel costs and other
expenses to related parties, primarily Secretarial Services,
Inc. and Tensleep Oil & Production, Inc. In addition, the
Company reimbursed Australian Grazing & Pastoral Co., Pty.
Ltd. for professional fees. Robert Kamon, the Company's
Secretary, controls these entities.
Off-Balance Sheet
Arrangements
As of June 30,
2011, the Company had no off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures about Market
Risk
We are a small reporting company as defined by Rule 12b-2 of
the Securities Exchange Act of 1934 and are not required to
provide the information under this item.
Item 4: Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules, regulations and related forms, and that such information is accumulated and communicated to our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
As of June 30, 2011, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and our principal financial officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in Internal Controls
There have been no changes in our internal controls over financial reporting during the quarter ended June 30, 2011 that have materially affected or are reasonably likely to materially affect our internal controls.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Exhibit 31.1 -- Certification of Chief Financial Officer
pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
Exhibit 31.2 -- Certification of President and Chief
Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
Exhibit 32 -- Certification of Chief Executive Officer
and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Australian-Canadian Oil Royalties Ltd.
Date: August 5,
2011
/s/ MAHNAZ NOURMAND
By: Mahnaz Nourmand, Principal Financial Officer
EXHIBIT 31.1 - Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
CERTIFICATION
I, Mahnaz Nourmand, Chief Financial Officer, certify that:
1. I have reviewed Form 10-Q of Australian-Canadian Oil
Royalties Ltd.;
2. Based on my knowledge, this quarterly report does not
contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and
other financial information included in this report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)), for the registrant and have:
(a) designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report
is being prepared;
(b) designed such internal control over financial reporting,
or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluations; and
(d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during
the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting; and
5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing
equivalent function):
(a) all significant deficiencies and material weaknesses in
the design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report
financial information; and
(b) any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal control over financial reporting.
Date: August 5, 2011
/s/ MAHNAZ NOURMAND
Mahnaz Nourmand, Chief Financial Officer
EXHIBIT 31.2 -
Certification Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
CERTIFICATION
I, Andre Sakhai, certify that:
1. I have reviewed this Form 10-Q of Australian-Canadian
Oil Royalties Ltd.;
2. Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the financial statements, and
other financial information included in this report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the registrant and have:
(a) designed such disclosure controls and procedures, or
caused such disclosures controls and procedures to be designed
under our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report
is being prepared;
(b) designed such internal control over financial reporting,
or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluations; and
(d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during
the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting; and
5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors
(or persons performing equivalent function):
(a) all significant deficiencies and material weaknesses in
the design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
(b) any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrant's internal control over financial reporting.
Date: August 5, 2011
/s/ ANDRE
SAKHAI
Andre Sakhai, President and Chief Executive Officer
EXHIBIT 32. - Certification of Chief Executive Officer and
Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
CERTIFICATION OF CEO AND CFO PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of
Australian-Canadian Oil Royalties Ltd. (the "Company") for the
quarterly period ended June 30, 2011, as filed with the
Securities and Exchange Commission on the date hereof (the
"Report"), Andre Sakhai, President and Chief Executive Officer
of the Company, and Mahnaz Nourmand, Chief Financial Officer
of the Company, each hereby certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, to the best of their knowledge,
that:
(1) The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly represents,
in all material respects, the financial condition and result
of operations of the Company.
Dated: August 5, 2011
/s/ ANDRE
SAKHAI
Andre Sakhai, President & Chief Executive Officer
Dated: August 5, 2011
/s/
MAHNAZ NOURMAND
Mahnaz Nourmand, Chief Financial Officer
This certification accompanies this Report pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be
deemed filed by the Company for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended.
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xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"
xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalariesAndWages"
xlink:label="us-gaap_SalariesAndWages"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_SalariesAndWages"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Personnel
costs</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_SalariesAndWages"
xlink:to="lab_us-gaap_SalariesAndWages"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSoldOilAndGasAbstract"
xlink:label="us-gaap_CostOfGoodsSoldOilAndGasAbstract"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_CostOfGoodsSoldOilAndGasAbstract"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">COST
OF SALES</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_CostOfGoodsSoldOilAndGasAbstract"
xlink:to="lab_us-gaap_CostOfGoodsSoldOilAndGasAbstract"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasRevenue"
xlink:label="us-gaap_OilAndGasRevenue"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_OilAndGasRevenue"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">OIL
AND GAS REVENUES</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_OilAndGasRevenue"
xlink:to="lab_us-gaap_OilAndGasRevenue"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized"
xlink:label="us-gaap_CommonStockSharesAuthorized"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_CommonStockSharesAuthorized"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Common
stock shares authorized</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_CommonStockSharesAuthorized"
xlink:to="lab_us-gaap_CommonStockSharesAuthorized"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent"
xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_AccountsPayableRelatedPartiesCurrent"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Account
payable – related party</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_AccountsPayableRelatedPartiesCurrent"
xlink:to="lab_us-gaap_AccountsPayableRelatedPartiesCurrent"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"
xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">NET
CASH (USED) BY OPERATING ACTIVITIES</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities"
xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"
xlink:label="us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Stock
issued for services</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"
xlink:to="lab_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets"
xlink:label="us-gaap_Assets"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_Assets"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">TOTAL
ASSETS</link:label>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_Assets"
xlink:role="http://www.xbrl.org/2003/role/totalLabel"
xml:lang="en-US">TOTAL
ASSETS</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_Assets"
xlink:to="lab_us-gaap_Assets"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers"
xlink:label="dei_EntityVoluntaryFilers"
/>
<link:label
xlink:type="resource"
xlink:label="lab_dei_EntityVoluntaryFilers"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Entity
Voluntary Filers</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="dei_EntityVoluntaryFilers"
xlink:to="lab_dei_EntityVoluntaryFilers"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate"
xlink:label="dei_CurrentFiscalYearEndDate"
/>
<link:label
xlink:type="resource"
xlink:label="lab_dei_CurrentFiscalYearEndDate"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Current
Fiscal Year End Date</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="dei_CurrentFiscalYearEndDate"
xlink:to="lab_dei_CurrentFiscalYearEndDate"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag"
xlink:label="dei_AmendmentFlag"
/>
<link:label
xlink:type="resource"
xlink:label="lab_dei_AmendmentFlag"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Amendment
Flag</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="dei_AmendmentFlag"
xlink:to="lab_dei_AmendmentFlag"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization"
xlink:label="us-gaap_DepreciationDepletionAndAmortization"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Depreciation,
depletion and amortization</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_DepreciationDepletionAndAmortization"
xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseDebt"
xlink:label="us-gaap_InterestExpenseDebt"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_InterestExpenseDebt"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Interest
expense</link:label>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_InterestExpenseDebt"
xlink:role="http://www.xbrl.org/2009/role/negatedLabel"
xml:lang="en-US">Interest
expense</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_InterestExpenseDebt"
xlink:to="lab_us-gaap_InterestExpenseDebt"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShippingHandlingAndTransportationCosts"
xlink:label="us-gaap_ShippingHandlingAndTransportationCosts"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_ShippingHandlingAndTransportationCosts"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Transportation
costs</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_ShippingHandlingAndTransportationCosts"
xlink:to="lab_us-gaap_ShippingHandlingAndTransportationCosts"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract"
xlink:label="us-gaap_LiabilitiesCurrentAbstract"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">CURRENT
LIABILITIES</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_LiabilitiesCurrentAbstract"
xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey"
xlink:label="dei_EntityCentralIndexKey"
/>
<link:label
xlink:type="resource"
xlink:label="lab_dei_EntityCentralIndexKey"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Entity
Central Index Key</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="dei_EntityCentralIndexKey"
xlink:to="lab_dei_EntityCentralIndexKey"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"
xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Proceeds
from sale of common stock</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock"
xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProductionTaxExpense"
xlink:label="us-gaap_ProductionTaxExpense"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_ProductionTaxExpense"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Production
taxes</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_ProductionTaxExpense"
xlink:to="lab_us-gaap_ProductionTaxExpense"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"
xlink:label="us-gaap_PreferredStockSharesOutstanding"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_PreferredStockSharesOutstanding"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Preferred
stock shares outstanding</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_PreferredStockSharesOutstanding"
xlink:to="lab_us-gaap_PreferredStockSharesOutstanding"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract"
xlink:label="us-gaap_StockholdersEquityAbstract"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_StockholdersEquityAbstract"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">STOCKHOLDERS'
EQUITY</link:label>
<link:labelArc
order="1.0"
xlink:type="arc"
xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
xlink:from="us-gaap_StockholdersEquityAbstract"
xlink:to="lab_us-gaap_StockholdersEquityAbstract"
/>
<link:loc
xlink:type="locator"
xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueToOfficersOrStockholdersCurrent"
xlink:label="us-gaap_DueToOfficersOrStockholdersCurrent"
/>
<link:label
xlink:type="resource"
xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrent"
xlink:role="http://www.xbrl.org/2003/role/label"
xml:lang="en-US">Loans
from
|